Daily Current Affairs 16 August 2023, Important News Headlines (Daily GK Update)

Read the most important current affairs of 16 August 2023. Today Current Affairs covers the headlines on Advanced Weapons and Equipment India Limited, Gallantry awards, Harvard’s George Ledlie Prize.

Top 15 Current Affairs and News Headlines of 16 August 2023

International News

1.Anwarul Haq Kakar Sworn In As Pakistan’s Caretaker Prime Minister

• Anwarul Haq Kakar, a prominent ethnic Pushtun leader with close ties to the influential military, has taken the oath as the Pakistan’s 8th and the youngest caretaker prime minister
• With this appointment, Kakar is entrusted with the responsibility of heading an impartial administration, supervising the forthcoming general elections, and addressing the economic hurdles confronting the country.
• Anwar ul Haq Kakar served as the spokesperson for the Balochistan provincial administration in 2013 and undertook the position of a Senator in the Pakistani Senate in March 2018. He secured his Senate seat as an independent candidate through general seat representation from Balochistan during the 2018 Pakistani Senate elections.

2.Dutch Economy Enters Recession

• The Dutch economy has entered a recession, shrinking 0.3% on a quarterly basis in the second quarter. This is the first recession since the pandemic, and follows a 0.4% contraction in the first three months of the year.
• The eurozone’s fifth largest economy was driven by a drop in consumer spending and exports. Consumer spending fell 1.6%, while exports were 0.7% lower than in the first three months of the year.
• Inflation in the Netherlands has dropped since hitting a peak of 14.5% in September 2022, but was still relatively high at about 6% in the second quarter of 2023.  The recession is expected to have a negative impact on employment, with the unemployment rate rising from 3.5% to 4% in the coming months.

State News

3.In a First In India, Goa To Give Free IVF Treatment In Govt Hospital

• With this momentous development, Goa establishes itself as a trailblazer in healthcare services. Goa Medical College’s super-speciality block is now equipped to offer IVF treatment, responding to the needs of the community with compassion and innovation. Approximately 100 hopeful parents have already registered with GMC, eager to avail the IVF facility.
• The initiative comes at a time when the demand for fertility treatments is on a rapid rise in India. Ernst & Young’s Call to Action report highlights a remarkable 15-20% annual growth in the fertility business over the past five years.
• In India, the cost of IVF treatment has often been a significant deterrent for couples seeking fertility solutions. Depending on the hospital and the complexity of the IVF procedure, the expenses can range from Rs 70,000 to Rs 3 lakh per cycle.

Defence News

4.India’s first long-range revolver ‘Prabal’ to be launched on August 18

• In a significant stride towards indigenous manufacturing and innovation, the state-owned company Advanced Weapons and Equipment India Limited (AWEIL), based in Kanpur, Uttar Pradesh, is all set to unveil ‘Prabal‘, India’s first long-range revolver. The launch date is marked for August 18, ushering in a new era of personal defense firearms.
• Crafted and produced under the expertise of AWEIL, this 32 bore revolver showcases an extraordinary range, proficiently engaging targets with precision at distances of up to 50 meters. Notably, it features a side swing cylinder, a design innovation that streamlines the reloading procedure and heightens user comfort.
• With a mere weight of 700 grams (excluding cartridges), a barrel length of 76 mm, and an overall length of 177.6 mm, Prabal is ergonomically designed for ease of use. Its trigger pull is designed to be effortless, enabling a wide range of individuals, including women, to handle it confidently.

5.INS Kulish Participates In Celebration Of 77th Independence Day in Singapore

• INS Kulish participates in the celebration of Singapore’s 77th Independence Day. As part of its ongoing engagement in the multinational SEACAT 2023 exercise, the crew and officers of INS Kulish celebrated the occasion at the High Commission of India in Singapore.
• Currently embarked on a four-day tour, INS Kulish is participating in the multinational SEACAT 2023 exercise. Hailing from the Andaman and Nicobar Command’s Port Blair, the corvette’s primary mission is to contribute to the Harbour Phase of SEACAT 2023.
• In its efforts to further enhance diplomatic ties, INS Kulish is set to host a reception for distinguished officials from Singapore’s Defence and Foreign Affairs Ministries. The event will also include prominent members of the Indian diaspora, serving as a platform for constructive dialogues and mutual cooperation.

Economy News

6.India’s Per Capita Income Projected to Soar 7.5 Times by 2047, SBI Research Study Finds

• India’s journey towards becoming a developed economy by 2047 has gained momentum, with a recent study conducted by SBI Research economists projecting a remarkable increase in per capita income.
• The study suggests that India’s per capita income is poised to surge by 7.5 times, from Rs 2 lakh ($2,500) in FY23 to Rs 14.9 lakh ($12,400) per annum by FY47.
• The study highlights a significant surge in the number of tax filers over the years. The number of tax filers has surged from 2.1 million in FY13 to a remarkable 85 million in FY23. Projections indicate that this number could reach an impressive 482 million by FY47.

7.Govt Increases Windfall Tax on Crude Oil and Diesel, Reinstates Tax on Overseas ATF Shipments

• The Indian government has decided to enhance the windfall profit tax on domestically produced crude oil and exported diesel. This decision is accompanied by the reintroduction of the tax on aviation turbine fuel (ATF) shipments abroad.
• Tax Hike Details: The government has made the decision to increase the special additional excise duty (SAED) on domestically produced crude oil. This tax, formerly set at ₹4,250 per tonne, has been raised to ₹7,100 per tonne, as per an official notification. The new tax rates have taken effect from August 15, as indicated by the official order dated August 14.
• A windfall tax is a special tax imposed by governments on companies that generate unusually high profits due to favorable market conditions or exceptional circumstances. In the context of the energy sector, such a tax aims to prevent excessive profits and ensure a fair distribution of wealth.

8.Wholesale Price Deflation Narrows to 1.36% in July, Driven by Food Price Spike

• In July, the Wholesale Price Index (WPI) continued to exhibit deflationary trends for the fourth consecutive month. While the overall WPI deflation shrank from June’s 92-month low of -4.1% to -1.36%, a surge of over 7.5% in food and primary article prices played a pivotal role in this shift.
• Primary food article inflation reached an impressive 14.3% in July, marking its highest level in nearly a decade. The surge in vegetable prices was particularly striking, with an 81.1% spike compared to June and a 62.1% increase from the previous year.
• The price of potatoes increased by 8% from June. Onions, too, witnessed a notable price increase of nearly 28% since June 2023 and 7.13% from July 2022.

9.Retail Inflation Surges to 15-Month High of 7.44% in July

• In July, retail inflation in India experienced a significant upswing, reaching 7.44%, marking the highest rate since April 2022. This surge contrasts with the preceding four-month period of inflation below the central bank’s 6% tolerance threshold.
• Vegetable prices surged by a staggering 37.3%, while cereals and pulses became over 13% more expensive. Consequently, urban consumers saw their food bills rise by over 12.3%, while rural consumers experienced an 11% increase in food inflation.
• The Consumer Price Index (CPI) rose by 2.9% from the previous month, reflecting the swift inflationary pressures. The month-on-month increase in food prices was notable as well, with a 6.7% upsurge.

Business News

10.Viacom18 Completes Merger Of JioCinema and Voot OTT Platforms

• Viacom18, a prominent player in the Indian media and entertainment industry, has made significant strides in merging its two Over-The-Top (OTT) platforms, JioCinema and Voot.
• The merger has led to the dissolution of Voot as a standalone platform, both in terms of functionality and visibility. A simple Google search for Voot redirects users to the JioCinema website, consolidating Viacom18’s OTT presence under a single brand.
• The merger process gained significant momentum in April 2023, when Viacom18 completed a complex merger scheme involving Reliance Industries, Bodhi Tree Systems, and Paramount Global. This strategic move facilitated the integration of JioCinema into Viacom18, making it the primary platform for marquee content.

Appointments News

11.Centre appoints R Doraiswamy as LIC Managing Director

• Government of India had appointed R. Doraiswamy as the Life Insurance Corporation of India (LIC) managing director. He is currently executive director at the central office in Mumbai.
• He has been appointed as managing director of LIC in place of Mini Ipe with effect from the date of assumption of charge of office on or after September 1, 2023, and up to the date of his superannuation August 31, 2026, or until further orders, whichever is earlier.
• Life Insurance Corporation of India (LIC) is an Indian multinational public sector life insurance company headquartered in Mumbai. It is India’s largest insurance company as well as the largest institutional investor with total assets under management worth ₹45.7 trillion (US$570 billion) as of March 2023. It is under the ownership of Government of India and administrative control of the Ministry of Finance.

Sports News

12.Neymar Jr Quits PSG To Sign For Saudi Arabia’s Al-Hilal

• Brazil forward Neymar Jr has signed for Saudi Arabia’s Al-Hilal from Paris Saint-Germain (PSG), the clubs announced, joining Cristiano Ronaldo and Karim Benzema. Neymar, 31, scored 118 goals in 173 matches for PSG in six injury-plagued seasons.
• He won five Ligue 1 titles and three French Cups, but was on the losing side as PSG were beaten by Bayern Munich in the 2020 Champions League final.

Science and Technology News

13.Chandrayaan-3 Gets Closer To Moon After Fourth Orbit Reduction Manoeuvre

• The Indian Space Research Organisation (ISRO) continues its impressive progress in the Chandrayaan-3 mission, as it successfully executed another vital orbit reduction maneuver on August 14.
• ISRO reported that the precise maneuver performed during this phase has established a near-circular orbit with dimensions of 150 km x 177 km. The upcoming operation is scheduled for August 16, 2023, around 0830 Hrs IST, and will mark the fifth and final orbit reduction maneuver in the mission.
• Launched on July 14, Chandrayaan-3 is comprised of three essential components: a lander module (LM), a propulsion module (PM), and a rover. These components work synergistically to ensure the successful execution of the lunar mission.

Obituaries News

14.Former India football captain Mohammed Habib passes away

• Former India captain and legendary footballer Mohammed Habib passed away. He represented India in many international tournaments from 1965-76. He was considered by many experts as one of the best players the country has ever produced.
• Born in Hyderabad in undivided Andhra Pradesh on July 17, 1949, Habib represented India for a decade from 1965-75 and was part of the golden generation that won a bronze medal in the 1970 Asian Games in Bangkok.
• For 17 long seasons starting from 1966-77, Habib, despite his diminutive nature, was a stalwart walking on the football grounds in Kolkata, according to former India captain and Hyderabadi Victor Amalraj.

Miscellaneous News

15.NBRI launches lotus variety which blooms in all seasons

• The CSIR-National Botanical Research Institute (CSIR-NBRI) launched an extraordinary variety of the national flower, Lotus, named ‘Namoh 108‘. This unique flower boasts an astonishing 108 petals and was dedicated to the nation on the eve of Independence Day.
• The unveiling took place during the NBRI’s week-long festival ‘One Week One Lab Programme‘ in Lucknow, with CSIR Director General N Kalaiselvi leading the ceremony.
• The ‘Namoh 108’ lotus variety has been meticulously developed by NBRI scientists, who brought the original plant from Manipur for comprehensive research. It became the first Lotus variety to have its entire genome sequenced, ensuring its longevity and protection from potential extinction.

Important Current Affairs of 16th August 2023

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